We’re thrilled to announce that Merkl is now powering the incentive emissions for USDtb, Ethena’s stablecoin, in a major push to boost adoption across DeFi.
Starting today, users who supply USDtb on Aave, Morpho, Euler, and Fluid can earn additional USDtb rewards via Merkl, on top of their regular supply APR!
Ethena selected Merkl for its robust, customizable infrastructure — including support for capped-rate campaigns, address whitelisting/blacklisting, and multi-protocol deployment — enabling USDtb to scale efficiently across multiple markets.
What is USDtb?
Launched in December 2024 by Ethena, USDtb is a stablecoin fully backed by BUIDL — an institutional-grade tokenized U.S. Treasury fund from BlackRock — along with a stablecoin reserve of USDT and USDC to ensure fast redemptions and maintain price stability.
Minting and redemption of USDtb are available to users who have completed KYC and are whitelisted. Note that BUIDL is exclusively accessible to qualified investors who have onboarded through Securitize.
Merkl at the core of USDtb incentives
Users who supply the USDtb stablecoin on Aave, Morpho, Euler, and Fluid markets can now earn the regular supply APR plus additional USDtb rewards powered by Merkl!
Beyond distributing USDtb incentives, Merkl’s rewards APR is now directly integrated into the interfaces of Aave, Morpho, Euler, and Fluid — just as it was with the Uniswap app in April 2025. This allows users to easily see exactly how much they can earn when supplying liquidity, all within the protocol they already use.
Ethena chose Merkl because it offers a comprehensive and powerful incentive platform with advanced customization capabilities.
For example, Merkl supports capped-rate campaigns, where the APR varies with total value locked (TVL) — decreasing as more liquidity is supplied — while a cap ensures no single user, especially early participants, can capture an outsized share of rewards.
Additionally, Merkl allows whitelisting and blacklisting of addresses, ensuring precise control over who can participate. Finally, broad protocol support enables Merkl to incentivize USDtb across multiple markets simultaneously, including Morpho, Fluid, Euler, and Aave.
How to earn USDtb rewards?
Earning USDtb rewards is simple and transparent. Here’s how to get started:
- Explore all live USDtb earning opportunities on the Merkl App
- Supply liquidity on any of the supported protocols: Aave, Morpho, Euler, or Fluid. Rewards will accrue automatically every 8 hours based on the amount of liquidity you supplied
- Access your Merkl dashboard by connecting the wallet you used to supply liquidity
- View and claim your rewards
We’re excited to support Ethena in scaling USDtb adoption through Merkl’s powerful, automated incentive programs. As DeFi grows more competitive, Merkl remains committed to helping protocols attract and retain liquidity with precision, transparency, and ease.
With integrations now spanning the majority of the largest DeFi protocols, this partnership further solidifies Merkl’s role as a core infrastructure provider for incentive programs across the ecosystem.